CHICAGO—The collection of derelict, slate-grey buildings on Milwaukee Ave. had sat unused for years, sources of irritation to the growing number of upscale neighborhood residents and objects of curiosity to passers-by. But Akara Partners, a Chicago-based real estate firm has unveiled its plan for the Fulton River District site on the 500 block of N. Milwaukee Ave., which it purchased late last year. In place of the vacant buildings, the company will construct a two-building, 270,202-square-foot apartment complex.
The new complex will have 227 apartment units, 14,000-square-feet of street-level retail space and 102 parking spaces at the northwest corner of Milwaukee and Grand Ave. Pappageorge Haymes Ltd. designed the project, which includes a four-story building on the corner totaling 55,074-square-feet and a 14-story building on the other side of Green St. with 215,128-square-feet.
“500 N. Milwaukee is possibly the best underdeveloped, transit oriented, site for apartment development in Chicago,” says Rajen Shastri, founder and chief executive officer of Akara. “The adjacent Fulton Market District is a hub for growing technology companies seeking talented employees, and 500 N. Milwaukee is an ideal residential location that is heavily trafficked with excellent access to public transportation and Divvy bikes.”
The new development will include 76 studio units with an average size of 478-square-feet; 123 one-bedroom units averaging 691-square-feet; 20 two-bedroom units with an average size of 1,133-square-feet; and eight three-bedroom units averaging 1,506 square feet. Akara plans to include a business center, fitness center, party room, dog run, bike storage, and a pool with sun deck.
“A site that has been a magnet for vagrants and graffiti in recent years will now provide quality residential units and retail space in keeping with our vision for River West and Fulton River District,” says Sam Martorina, president of the Neighbors of River West community group.
BMO Harris Bank has agreed to provide construction financing and Goldman Sachs serves as the equity partner. CA Residential is Akara's development partner and Tishman Construction is the general contractor. The partners plan to complete the development in 2016.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
